McCain's preemptive strike

From NBC's Domenico MontanaroWe'll have more on Obama's and Clinton's economic speeches later today, but below is McCain's preemptive attack, sent out earlier. Notice, the campaign includes both Obama AND Clinton this time.

By the way, intriguing stuff when Obama took the podium after NYC Mayor Michael Bloomberg introduced him. Obama was effusive in his praise for Bloomberg, but said the reason he bought breakfast that morning is because he expects "payback." "I'm no dummy," Obama said, adding, "There are a lot of good steakhouses in New York." METAPHOR ALERT? By payback does he just mean a steak?

That's been the subject of debate. The definition of a recession, as CNBC's Maria Bartiromo pointed out on Meet the Press this past Sunday, is two consecutive quarters of negative growth. That hasn't happened yet, and whatever it's labeled, everyone agrees the economy is at least in a slowdown or downturn.

Here's McCain's criticism/pre-emptive reaction to Clinton and Obama's speeches:"On Tuesday, I addressed the housing crisis and its devastating impact on our financial markets and the household budgets of millions of hardworking Americans. The fact is that there are about 4 million homeowners in danger of losing their homes. We have a responsibility to take action to help those among them who are deserving homeowners, and as I said this week, I am committed to considering any and all proposals to do so. Any action must further look to the future to make certain this never happens again.

"As I said on Tuesday, I believe the role of government is to help the truly needy, prevent systemic economic risk, and enact reforms that prevent the kind of crisis we are currently experiencing from ever happening again. Those reforms should focus on improving transparency and accountability in our capital markets -- both of which were lacking in the lead-up to the current situation.

"However, what is not necessary is a multi-billion dollar bailout for big banks and speculators, as Senators Clinton and Obama have proposed. There is a tendency for liberals to seek big government programs that sock it to American taxpayers while failing to solve the very real problems we face.

"This is a complex problem that deserves a careful, balanced approach that helps the homeowners in trouble, not big banks and speculators that acted irresponsibly. I again call on our lending institutions, where possible, to step up and help Americans who are hurting in this crisis."